FHA Loans

An FHA loan is a type of mortgage insured by the Federal Housing Administration (FHA). It’s designed to make homeownership more accessible by offering lower down payment options and flexible credit requirements.

To qualify for an FHA loan, you’ll need a steady income, the ability to make a down payment of at least 3.5%, and a credit score of at least 580. If your credit score is between 500 and 579, you may still qualify with a larger down payment of 10% or more. Other factors, such as your debt-to-income ratio and employment history, will also be considered.

The amount you can borrow with an FHA loan depends on the loan limits set by the FHA for your county. These limits vary based on the cost of living in your area and the type of property you’re purchasing. We can help you determine your borrowing power based on your location and financial situation.

FHA loans offer several advantages, including a lower down payment requirement, flexible credit score thresholds, and competitive interest rates. They also provide options for refinancing, such as FHA Streamline Refinancing, which simplifies the process of lowering your monthly payments. These benefits make FHA loans a great choice for many buyers.

Yes, FHA loans require mortgage insurance premiums (MIP). This includes an upfront premium, which can be financed into your loan, and an annual premium that is added to your monthly payment. While mortgage insurance adds to your costs, it also makes it possible for lenders to offer FHA loans with lower down payments and more flexible credit requirements.

The process begins with a conversation. Reach out to us today, and we’ll help you review your options, determine your eligibility, and get pre-qualified. From there, we’ll guide you through every step of the application and approval process to make your homeownership journey as smooth as possible.